"For three months I was obsessed and on it all time," he said. "I'm ok now. I'm no longer spending my entire life on Facebook. I told Mark Zuckerberg I thought it was a world changing technology."

What was Ellison doing on Facebook? "Making friends. Meeting people I wouldn't ordinarily meet. Telling them what I had for breakfast—which was extremely interesting. Finding out what they had for breakfast ... which was not so interesting."

Ellison says Facebook could become bigger than Google. "Facebook is potentially an even more important company. How they monetize this remains to be seen."

He also says that Facebook is only one of a bunch of promising tech companies rising today and built on the Internet. "Facebook is a gigantic, once-in-a-lifetime event, but other companies are promising," he said. He named Splunk, the first big data company that went public, as one of them. Splunk had a super hot IPO last month.